Feb 10, 2017: According to a research study—Global LED Lighting Market: Trends & Opportunities (2016-2020)—the global LED lighting market has gained significant impetus from the growing demand for LED TVs, the increasing penetration of LED bulbs, rising installation of metal-organic chemical vapor deposition (MOCVD), and the augmenting focus on energy and fuel efficiency. This market has also benefited from the various characteristics of LED lights such as long life, eco-friendliness, zero UV emission, low voltage consumption, design flexibility, and durability.
Analysts expect this market to report tremendous rise during 2016-2020, owing to the rapid expansion of the automotive industry. However, the high costs associated with the research and development, as well as raw materials, are likely to restrict this market from growing smoothly over the forecast period, states the market study.
On the regional front, the worldwide market for LED lighting has been segmented into North America, Europe, and Asia Pacific. China and India have been identified as the biggest LED lighting markets in Asia Pacific in this market study.
As per the study, Cree Inc., Osram, and Philips are leading the worldwide LED lighting market at present. However, these players are facing a tough competition from small enterprises and startups, on account of the disparity in the product prices.